Shares of Hindustan Zinc Ltd sharp a sharp uptick in Tuesday's trade. The stock surged 20 per cent to hit an all-time high of Rs 742.55. At this price, the multibagger counter has ascended by 133.21 per cent in 2024 so far.
Analysts were largely positive on the counter. Support could be seen at Rs 680, followed by Rs 650 level. And, resistance may be found at the Rs 750 range. One of the analysts suggested to consider the 'buy-on-dip' strategy.
"Hindustan Zinc's stock looked good from the metal pack. It has given a multi-year breakout. One should consider buying it on dips. Expected target for the medium-term will be Rs 750," Ratnesh Goyal, Head of Technical Analysis at Arihant Capital, told Business Today TV.
"The stock can hit an upside target of Rs 750 in the near term. Keep stop loss placed at Rs 680," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Support will be at Rs 650. The stock can further rise till Rs 750 level. The expected trading range will be between Rs 630 and Rs 750 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
The subsidiary of Vedanta Ltd has declared an interim dividend of Rs 10 per share for the financial year 2024-25 (FY25), amounting to Rs 4,225.32 crore.
Vedanta holds a 64.92 per cent stake in Hindustan Zinc, which is an integrated producer of zinc, lead and silver. The Rajasthan-based company has long been a cash cow for Anil Agarwal's Vedanta Group, squeezing out rich dividends.
The company's operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelters, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants.